Business

Laureate Dr. Melaku Worede, Pioneer of Biodiversity Conservation, Passes Away

The Ethiopian Biodiversity Institute (EBI) announced today the passing of Dr. Melaku Worede, the institute’s founder and former chief. Dr. Worede was a world-renowned biodiversity researcher who made significant contributions to the establishment of indigenous crops and plants seed banks and biodiversity conservation centers in Ethiopia and other countries. Dr. Worede was born in Ethiopia

July 31, 2023 • By Addis Insight

Business

World Bank President to Visit Ethiopia

Ajay Banga, the new president of the World Bank, will pay an official visit to Ethiopia from July 31 to August 1. During his visit, Banga is scheduled to meet with Prime Minister Abiy Ahmed, Finance Minister Ahmed Shide, and National Bank Governor Mamo Mehretu. He will also meet with African Union Commission Chairman Musa

July 28, 2023 • By Addis Insight

Business

Ethiopia and World Bank Sign $400 Million Financing Agreement

July 27, 2023 The Government of the Federal Republic of Ethiopia and the World Bank signed a Financing Agreement amounting to a total of 400 million US Dollars The Ministry of Finance and the World Bank virtually signed a Financing Agreement amounting to a total of US$ 400 million (approximately ETB 21.8 Billion) of which

July 27, 2023 • By Addis Insight

Business

CBE Soars to 1.1 Trillion Birr in Deposits, Surpasses Target by 18.3%

Commercial Bank of Ethiopia (CBE) has announced that it has made a remarkable achievement in the 2015 Ethiopian fiscal year, with its deposits soaring to an astounding 1.1 trillion birr. This groundbreaking milestone accounted for half of all deposits mobilized within the banking industry. Over the course of the fiscal year, a staggering 163.2 billion

July 26, 2023 • By Addis Insight

Business

Telebirr Transactions Soar 22.6 Folds to 679.2 Billion Birr

Ethio Telecom’s mobile money platform, Telebirr, has seen its transactions soar 22.6 folds to 679.2 billion birr ($2.8 billion) in the latest year. This growth was driven by a number of factors, including the expansion of the platform’s acceptance at merchants and the increasing use of Telebirr for bill payments and money transfers. Telebirr now

July 24, 2023 • By Addis Insight

Business

M-Pesa to Launch in Ethiopia in September, Boosting Financial Inclusion

Safaricom, the Kenyan mobile network operator, is set to launch its M-Pesa mobile money service in Ethiopia in September 2023. The launch of M-Pesa in Ethiopia is a major milestone for Safaricom, as it will give the company a significant foothold in the country’s rapidly growing mobile money market. M-Pesa is a mobile-based money transfer

July 24, 2023 • By Addis Insight

Business

Ethiopia Seeks Port Access Through Negotiations and Force

Addis Ababa, Ethiopia – Prime Minister Abiy Ahmed has announced that the Ethiopian government is exploring all options to secure a port for the country, including negotiation, “give and take,” and force. In a meeting with investors and businessmen on Thursday, Abiy said that Ethiopia’s current port costs are unsustainable, and that the country must

July 21, 2023 • By Addis Insight

Business

Enkopa Summit to Disrupt the Perception of Entrepreneurship in Ethiopia

On October 12 and 13, 2023, tech experts, policymakers, entrepreneurs, corporate leaders, investors, and legal experts from more than 25 countries will converge at the Science Museum in Addis Ababa, the capital of Africa.   Their common objective: collaborate on ventures transforming Ethiopia, and Africa at large during the Enkopa  Summit. The Summit has an objective

July 19, 2023 • By Addis Insight

Business

Ethio Telecom Earns 75.8 Billion Birr in 2022/2023

Ethio Telecom, the state-owned telecom provider in Ethiopia, announced on Tuesday that it earned 75.8 billion birr in the fiscal year 2023. The company’s net profit for the year was 18.78 billion birr. The CEO of Ethio Telecom, Frehiwot Tamru, said that the company’s performance in 2023 was “effective” and that 116 new services were

July 18, 2023 • By Addis Insight

Business

Best Western Premier Dynasty Hotel: A 1.3 Billion Birr Addition to Ethiopia’s Hospitality Industry

The Best Western Premier Dynasty Hotel, which cost 1.3 billion birr to build, was inaugurated on July 15, 2023. It is one of three Best Western Hotels and Resorts in Ethiopia. The hotel took seven years to build and covers an area of 1000 sq.m. with a G+10 structure and 3 basements, including 2 floors

July 16, 2023 • By Addis Insight